Goldprices traded higher as the markets’ mood soured in late North American trade on Friday, sending capital fleeing to the relative safety of Treasury bonds and depressing yields. That offered a familiar lift to non-interest-bearing assets epitomized by the yellow metal.

The move may have marked de-risking before the weekend as markets weighed tensions inSyriaand seemingly mounting pressure on the White House fromSpecial Counsel Robert Mueller. He is investigating possible links between the Trump campaign and Russian interference in the 2016 election.

SYRIA, US DRILLING AND RETAIL SALES DATA IN FOCUS

From here, soundbites from theKuwait Oil and Gas Summitmay inform bets on the degree to which anincreasingly volatile Levantimpacts global supply. OPEC Secretary-General Barkindo may try to defuse fears that conflict between proxies of Iran and Saudi Arabia may scuttle coordinated output cut efforts.

Meanwhile, theEIAwill publish monthly drilling productivity statistics. If they suggest swelling US extraction will dull the impact of any geopolitically-linked disruptions, crude oil prices may turn lower. Baker Hughes data put the number of active oil rigs at a three-year high last week.

GOLD TECHNICAL ANALYSIS

Gold prices’ nascent upswing has been checked by familiar resistance in the 1353.87-57.50 area (double top, falling trend line). A daily close above this barrier exposes the July 2016 high at 1375.15. Alternatively, a turn below near-term rising trend support – now at 1335.11 – would open the door for another challenge of range support at 1307.25.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are stalling at a critical resistance cluster in the 66.63-67.49 area (January 25 high, rising channel top, 38.2% Fibonacci expansion). A daily close above that exposes the 50% level at 70.38. Alternatively, a move below the 23.6% Fib at 63.90 targets the channel floor at 62.45.

COMMODITY TRADING RESOURCES

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or@IlyaSpivakon Twitter